Mr. Saeed started his business with cash Rs. 65,000, Furniture Rs. 20,000 Building Rs. 1,00,000 on Ist January, 1990. AL His transaction during the month were as follows : 1990 an. I Purchased goods on account from Asif worth Rs. 15,000. "2 Purchased goods for cash Rs. 30,000. "3 Sold goeds for cash Rs. 22,000. "S Sold geods to Shahid & Sons for Rs. 14,000. "8 Purchased a typewriter for Rs. 8,000. "10 Bought an iron safe for Rs. 4,000. "12 Made purchases from Salman Rs. 18,000. "14 Opened Bank Account with Rs. 20,000. Jou "16 Received a cheque from Shahid & Sons for Rs. 9,000. "18 Issued a cheque in favour of Asif for Rs. 8,000.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Mr. Saeed started his business with cash Rs. 65,000, Furniture Rs. 20,000
Building Rs. 1,00,000 on ist January, 1990.
His transaction during the month were as follows :
AL
1990
Jan. 1 Purchased goods on account from Asif worth Rs. 15,000.
"2 Purchased goods for cash Rs. 30,000.
"3 Sold goods for cash Rs. 22,000.
"5 Sold goods to Shahid & Sons for Rs. 14,000.
"8 Purchased a typewriter for Rs. 8,000.
J.OUS
" 10 Bought an iron safe for Rs. 4,000.
" 12 Made purchases from Salman Rs. 18,000.
" 14 Opened Bank Account with Rs. 20,000.
" 16 Received a cheque from Shahid & Sons for Rs. 9,000.
" 18 Issued a cheque in favour of Asif for Rs. 8,000.
la l
" 20 Cheque received from Shahid & Sons paid into the bank.
" 22 Goods sold for cash Rs. 19,000 and paid into the bank.
" 24 Paid a cheque to Salman for Rs. 17,800 in full settlement of his account.
" 26 Received cash from Shahid & Sons Rs. 4,900 in full settlement of their account.
" 28 Withdrew cash for personal use Rs. 3,000.
" 30 Paid electricity bill Rs. 1,000.
" 31 Paid the following expenses by cheques: Salaries Rs. 2,000, insurance Rs. 1,000.
Transcribed Image Text:Mr. Saeed started his business with cash Rs. 65,000, Furniture Rs. 20,000 Building Rs. 1,00,000 on ist January, 1990. His transaction during the month were as follows : AL 1990 Jan. 1 Purchased goods on account from Asif worth Rs. 15,000. "2 Purchased goods for cash Rs. 30,000. "3 Sold goods for cash Rs. 22,000. "5 Sold goods to Shahid & Sons for Rs. 14,000. "8 Purchased a typewriter for Rs. 8,000. J.OUS " 10 Bought an iron safe for Rs. 4,000. " 12 Made purchases from Salman Rs. 18,000. " 14 Opened Bank Account with Rs. 20,000. " 16 Received a cheque from Shahid & Sons for Rs. 9,000. " 18 Issued a cheque in favour of Asif for Rs. 8,000. la l " 20 Cheque received from Shahid & Sons paid into the bank. " 22 Goods sold for cash Rs. 19,000 and paid into the bank. " 24 Paid a cheque to Salman for Rs. 17,800 in full settlement of his account. " 26 Received cash from Shahid & Sons Rs. 4,900 in full settlement of their account. " 28 Withdrew cash for personal use Rs. 3,000. " 30 Paid electricity bill Rs. 1,000. " 31 Paid the following expenses by cheques: Salaries Rs. 2,000, insurance Rs. 1,000.
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